Ernakulam district collector Dr Renu Raj has issued an order to confiscate the properties of people who ran bogus deposit schemes in the district.
The organisations and their proprietors that swindled the public will be penalised under the BUDS Act (Banning of Unregulated Deposit Schemes).
The Act that came into effect in 2019 aims to provide a comprehensive mechanism to ban unregulated deposit schemes to protect the interest of depositors.
The collector has ordered to seize vehicles, seal the properties and freeze transactions and accounts of those involved in such financial fraud in Ernakulam district.
The organisations set to face action under the order are, Kerala Housing Finance Limited (KHFL), Thiruvananthapuram, Gentogen Trend Enterprises Pollachi, Gentrend Trust and Services Pollachi, Everbeing Nidhi Limited Chandranagar, Crystal Finance Erattupetta, Crystal GRP Nidhi Limited, Crystal Society and Kecheri Enterprises, Kamukumchery.
Those entrusted to implement the order are, the district police chief, Regional Transport Officer, Sub-collector Fort Kochi, RDO Muvattupuzha, Tahsildars, district registrar, lead bank manager, joint registrar, cooperative, KFC district manager, KSFE assistant general manager and Kerala Bank.
